P15-3A Prepare entries for a job order cost system and cost of goods manufactured schedule |
Case Inc. is a construction company specializing in custom patios. The patios are constructed of |
concrete, brick, fiberglass, and lumber, depending upon customer preference. On June 1, 2020, |
the general ledger for Case Inc. contains the following data. | | | |
PIS Par andar cast system and constatandaachined chedule Case Inc. is a construction company specializing in custom patios. The patios are constructed of concrete, brick, fiberglass, and lumber, depending upon customer preference. On June 1, 2020, The general ledger for Case Inc. contains the following data Raw Materials inventory Work in Process Inventory $4.200 $5,540 Manufacturing Overhead Applied Manufacturing Overhead incurred $32.640 $31.650 Subsidiary data for Work in Process Inventory on June 1 are as follows Joh Cast Sheets Customer Job Rodgers $600 Stevens Cost Element Direct materials Direct labor Manufacturing overhead 5.800 540 3120 Linton $900 580 725 $2205 400 $1,320 $2.015 During June, raw materials purchased on account were $4,000, and all wages were paid. Additional overhead costs consisted of depreciation on equipment $900 and miscellaneous costs of $400 incurred on account A summary of materials requisition slips and time tickets for June show the following Materials Requisition slips SBOD 2.000 500 Customer Job Rodgers Koss Slavens Time tickets $8.50 360 1.200 1.300 300 Rodgers 990 General use 4,900 1,500 56.400 3.600 1.200 S4800 Overhead was charged to jobs at the same rate of $1.25 per dollar of direct labor cost. The patios for customers Rodgers, Stevens, and Linton were completed during June and sold for a total of $18.900 Each customer paid in full Instructions (a) Journalize the June transactions: (1) for purchase of raw materials, factory labor costs incurred, and manufacturing overhead costs incurred: (2) assignment of direct materials, labor, and overhead to production, and (3) completion of jobs and sale of goods. D) Post the entries to Work in Process Inventory le) Reconcile the balance in Work in Process Inventory with the costs of unfinished jobs. id) Prepare a cost of goods manufactured schedule for June NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?" 1 ) oumaline the n a tion for purchase of nambariai, factory labor concurred, widmunduring overhead costs incurred II) ouma hen n a orman oldin brand ved production a ) Jumale the reason for completion of jobs and sale el goods ID) Post the most Work in Process inventory for the cost of unfinished Reconcile the balance in Process balance Process Theory D Mangwea Id Pr e mantured chedule for June CASE NC Cost of Goods Manutatured Schedule For the Month ndes June 30.2020 Work in process, June 1 Direct mai used Manufacturing overhead spplied Total manufacturing Total cost of work in process Less Work in proces, June 30 Cost of gods matured